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Nicolai Tangen

CEO, Norges Bank Investment Management

Search every verified Nicolai Tangen interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Nicolai Tangen, CEO of Norges Bank Investment Management, has continued hosting his podcast "In Good Company," featuring conversations with business and political leaders. In September 2026, he interviewed Horizon Robotics founder Kai Yu about the Chinese autonomous driving market, XPeng co-president Brian Gu about "physical AI" and humanoid robots, and Jon McNeill about operational lessons from Tesla and SpaceX. He also spoke with Finnish President Alexander Stubb about the changing world order, technology's impact on democracies, and the perceived power of large tech companies relative to states. At Arendalsuka in August 2026, Tangen delivered a financial address marking the 30th anniversary of Norway's sovereign wealth fund, which has grown from roughly 2 billion to over 22,000 billion kroner. He warned that no large fortune in history has survived intact and discussed hypothetical scenarios in which the fund could lose significant value, including a scenario where at least 80% of equity values could disappear. He emphasized the importance of mental preparedness for potential crises, noting that recent decades have been "abnormally good" for financial investors.

Recent appearances

Verified interview transcripts

Notable quotes

“We position ourself as a strong partner to Volkswagen and many other global companies because we don't face any competition in Europe. If you look at in Europe there's semiconductor companies like Infineon, NXP and also STMicroelectronics and we are not competing with them because they have their focus on analog chips and MCUs but we are working on something like computing for cars which is exactly what they are not ”

“It can go both ways and that depends on the choices that we make in the upcoming years. I mean if you look at the mix between biology and technology then it can really be a destabilizing factor which creates different types of homo sapiens. So when you start doing DNA manipulation or sequencing of genomes then suddenly you start creating different types of human beings. I think Harari talks quite well about what he c”

“Democracies have not been able to cope with social media and with modern technology yet and they're losing the struggle. We also see big tech companies in many ways being more powerful than states. So you can ask the question, you know, is Anthropic or is Facebook more powerful than Norway and Finland? And I think it's a legitimate question and political science can't necessarily give you the answer.”

“We almost went bankrupt because we didn't have the cash flow that we had predicted coming off a Model 3. And the only way we saved ourselves was to go back to the manual process. We literally built a tent in the factory outside and produced cars by hand. First 100 a week, then 500 a week, etc. until we could actually build an automated line that reflected reality. When we looked back on that and said, 'Look, we almos”

“Litt forenklet naturligvis, men vi kan anta at minst 80% av aksjeverdiene våre ville forsvunnet. Minst. La oss regne på det. Fondet vårt består av 70% aksjer. Forsvinner 80% av den verdien snakker vi om et tap på mer enn 12000 milliarder kroner. Fondet ville da vært verdt mindre enn 10000 milliarder. Mer enn halvert.”

“Svaret på det spørsmålet er ja. Og det verste er at i den verden vi lever i nå så er ikke det helt usannsynlig. Det finnes ikke noe land i historien som over tid har klart å holde på en så stor formue. Formuen går alltid tapt til slutt.”

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